Romney returns to private equity(2)

Mitt Romney will join son Tagg Romney’s Boston-based firm Solamere Capital in a part-time capacity and will not participate in fundraising, according to a report.

Former US presidential hopeful Mitt Romney will reportedly join Boston-based Solamere Capital as chairman of the executive committee.

Romney plans to work one week per month at the firm, and will not participate in fundraising, according to the report from NBC News

Co-founded by son Tagg Romney, Solamere makes direct private equity investments and also commits to external private equity managers. The firm’s debut fund collected $255 million in 2010 and splits its allocations between 60 percent to external managers and 40 percent to direct investments and co-investments. 

Solamere was unavailable for comment at press time. 

The firm was founded in 2008 by Romney and partners Spencer Zwick, Mitt Romney’s former national finance director, and Eric Scheuermann, a former partner with Jupiter Partners. 

Mitt Romney has roughly 30 years of experience in private equity, having co-founded Bain Capital in 1984.